Question: PLEASE SHOW THE STEPS TO GET TO THE ANSWER 40. Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2010, and

PLEASE SHOW THE STEPS TO GET TO THE ANSWER

PLEASE SHOW THE STEPS TO GET TO THE ANSWER 40. Keefe, Inc.,

40. Keefe, Inc., a calendar-year corporation, acquires 70% of George Company on September 1, 2010, and an additional 10% on April 1, 2011 . Total annual amortization of $6,000 relates to the first acquisition. George reports the following figures for 2 $500,000 400,000 300,000 50,000 200,000 Revenues Expenses Retained earnings, 1/1/11 Dividends paid Common stock Without regard for this investment, Keefe independently earns $300,000 in net income during 2011. All net income is earned evenly throughout the year. What is the controlling interest in consolidated net income for 2011? A. $373,300 B. S372,850. C. $371,500 D. $376,000. E. $372,805

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